Call Us 918.376.6707
Rickey Hayes, Principal
Cell (918) 629-6066
12150 E 96th Street N, Suite 107
Owasso, Oklahoma 74055
Phone (918) 376-6707
Fax (918) 272-5376
I hope to work with Retail Attractions again very soon. It was a pleasure doing business with you in Owasso. You are a man of your word who can also deliver.
I would highly recommend any city / municipality interested in developing their city commercially and the sales tax revenues that commercial development brings to the table, to strongly consider Rickey and his vast experience and ability in that arena.
Ft Myers, Florida
Of critical importance to any community market research project is accurately defining the trade area, the geographic area from which the majority of consumers are to be drawn. Estimating trade areas requires skilled judgment and experience. Simply using concentric rings or drivetimes is not an accurate method of determining trade area.
CONCENTRIC RINGS DON'T CUT IT
There are many factors that affect the trade area. Retail Attractions uses real world experience and research to analyze the factors affecting trade area and define an accurate primary trade area. The most accurately estimated trade area takes into account factors such as population densities, competitive communities, natural barriers, traffic flow, accessibility and convenience.
At Retail Attractions, our preliminary trade area is defined using Reilly’s Law. Reilly’s Law of Retail Gravitation describes the effect of competition and the premise that people want to shop in larger towns but their desire declines in direct relation to the distance and time they must travel to reach those places. We assess the distance and retail offerings of the surrounding communities to get a starting point for the trade area.
From there, the area is adjusted to account for natural barriers, traffic flow and accessibility. Convenient retail is successful retail. Once we have analyzed all of these factors, we adjust our preliminary trade area to account for our findings. The result is a custom polygon that represents a true consumer base. This methodology has been perfected through years of experience and diligent research and provides a result far superior to concentric rings or drive times. The results of our method are justifiable and proven to be effective marketing information.
KNOW WHAT RETAILERS ARE LOOKING FOR
Once the trade area is defined, we collect demographics for the trade area and the city limits. This information in conjunction with data provided from the city is compiled in an easy to read format giving an accurate representation of the growth, education level, income level and overall demographic make up of the consumers. This report allows us to identify strengths and weaknesses in a market and move forward in the right direction.
Retailers are looking for specific requirements when trying to choose a site for their next project. Having your community's information compiled by a third party and presented in a professional format will let the retailers know you are a proactive city that wants to make their job as easy as possible. The easier you make it for site selectors, the more likely they are to consider your community.
KNOW WHAT YOUR MARKET NEEDS
Our Opportunity Gap Analysis provides an actionable portrait of sales opportunity, allowing you to maximize your growth strategies by targeting retailers that fill the sales gaps that exist in your marketplace. By using sales potential to depict supply and geography-based estimates of potential annual consumer expenditures to depict demand within a specific market, an opportunity gap analysis of the retail environment is defined.
When you know what people are leaving your community to buy, you can begin an educated retail recruitment campaign to the appropriate retailers to stop the revenue bleed.
Contact us at (918) 376-6707 to begin your demographic analysis.
12150 E 96th St N, Suite 107
Owasso, Oklahoma 74055
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